Followers

Tuesday, July 7, 2009

1.39-1.4

If I had been up early this morning I would probably have closed my position for $1-3 of profit after using a mental trailing stop. We're back down at 1.39, and while it is quite impressive that we headed to 1.405 or so early this morning, I wouldn't be surprised if we dipped even lower as the overall US market continues to plunge.

If we can maintain the recent lows of 1.388~ and perhaps create some strength as we move upward, I may hold on for my original target. I would like to see the daily continue to put in a bottom in the upper right arm. If that fails, I would be wise to bail at whatever opportunity I have.

Not much in the way of economic reports this week, which should benefit me. More and more earnings will start to come out, which will make things volatile.